INDUSTRY NEWS

British Land planning to build Mayfair office space and apartments?

British Land could be set to build new Mayfair office space, as well as luxury apartments,  at the Clarges Estate. It recently acquired the estate in a deal worth £130 million.

The site has already been granted planning permission for the construction of 63,000 sq ft of flats and 91,000 sq ft of office space, British Land revealed in its trading update.

Commenting on the company’s plans for the Clarges Estate, chief executive, Chris Grigg, stated: “We thought very carefully before going ahead and there is a lot of flexibility in the mix between offices and apartments.”

Mr Grigg continued by stating that the view over Green Park that the offices or apartments would provide would be a significant selling point; he also highlighted that there was a current shortage of newly built offices and apartments in the Green Park area.

According to Reuters the apartments will sell for £3,000 per sq ft and above once they’ve been completed.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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